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Latin on Track to Deliver Colina Lithium Upgrade

2 May 2023 10:07
ASX: LRS
Latin Resources Drilling at the Colina Deposit

Latin Resources remains on track to deliver a resource update to the Colina Lithium Deposit at its Salinas Project in Brazil in June, with 126 holes now complete in its resource definition drilling campaign, with the latest assays revealing up to 9.02m @ 2.06% Li 2O from 221.39m.

With a fleet of eight diamond drill rigs now operating on-site, the Company has now completed 36 thousand metres of drilling to date to a depth of 375 metres across an area of 1700 by 900 metres and is poised to complete all planned in-fill and extension drilling on time to upgrade the deposits 13.2Mt @ 1.2% Li2O Mineral Resource Estimate.

On-track to Update

These latest assay results show the pegmatite system remains open in all directions and that the continuous high-grade pegmatites found across Colina persist to the southwest, demonstrating a significant increase in the abundance of pegmatite in the region.

The latest intersections pulled up from the Project include:

• SADD072: 10.00m @ 1.38% Li 2O from 174.87m
• SADD085: 5.10m @ 1.58% Li 2O from 248.65m
• SADD086: 13.52m @ 1.25% Li 2O from 306.07m
and: 12.04m @ 1.40% Li 2O from 337.85m
• SADD087: 9.02m @ 2.06% Li 2O from 221.39m
• SADD088: 15.42m @ 1.48% Li 2O from 288.64m
and: 12.65m @ 1.44% Li 2O from 327.04m

Alongside the new intersections, the rigs on site are also capable of delivering a large diameter core for further proposed metallurgical test work, which will build on previous work which returned grades up to  7.96 per cent Li2O at recovery rates exceeding 80 per cent.

Latin is now working with Canadian-based SGS Geological Services, which will be undertaking the MRE update, to develop resource wireframes that extend the existing Colina blockmodels at depth and include the extensive new pegmatites encountered to the south and west of the Project, with these wireframes forming the basis of the new MRE.

Eyes Forward

The Company said with drilling poised to deliver data on time for the MRE update, it is now giving thought to future development for the Project, with the Company now set to accelerate development significantly following a Memorandum of Understanding with the State of Minas Gerais and a $37.1 million dollar capital raising.

“This will include drilling a series of large PQ diameter holes for our detailed metallurgical test work program, testing some of our regional tenements including Salinas South, testing several new high-priority target areas directly adjacent along strike to the southwest of Colina,” Latin’s Vice President of Operations for Americas Tony Greenaway said.

“This work will be ongoing throughout 2023, with the rigs spinning at full speed through until mid-December, in parallel with our detailed feasibility study work for Colina,”

LRS’s Australian Stock Exchange-listed share price has risen 8 per cent today, currently selling at 13.5c (9:26 am UTC+ 8 hours).

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